Sunny Isles Beach, Florida is a municipality situated on a barrier island in northeast Miami-Dade County. In 1997, the citizens of Sunny Isles Beach cast their votes to integrate as a city. Sunny Isles was given the new name of Sunny Isles Beach. It started major renovation during the real estate boom of the early 2000s with mainly skyscraper condos and a few hotels under construction along the beach side of Collins Avenue, superseding many of the historic one- and two-story motels along Motel Row. Gifts to Children That Need a Property Guardianship If assets are left to minors and no custodial account or trust was set up to handle that property, the probate court will need to select a property guardian to handle that property until the child becomes eighteen years old. For instance, if an individual designates a minor as the beneficiary for the life insurance policy and passes away, that child could not inherit the $50,000 earnings until a property guardian is selected to handle that money for him or her until age eighteen. Or, if somebody passes away without a will and their minor children receive their property, a court will need to select a property guardian for every child, to handle that property when he or she turns eighteen years old. Being a property guardian is akin to be the custodian or trustee because it is the person’s job to meticulously handle the money for the minor’s benefit. However, unlike a custodian or trustee, the job of the property guardian must end when the child becomes eighteen years old because that is when the jurisdiction of the court over that child ends. Unlike a custodian or trustee, the property guardian also must file formal accountings with the court, establishing how the money was financed and issued, and, in a few instances, the money must be financed in specific, limited accounts. A property guardian differs from a trustee in three main ways:Sunny Isles Beach Probate Lawyer
Managing Property in Florida Inherited by Children-Part III
Property Guardian vs. Trustee
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Lorenzo Law
Miami-Dade Office: 2850 Douglas Rd. Suite 303, Coral Gables, FL 33134
Broward: 12 SE 7th Street, Suite 701. Fort Lauderdale, Florida 33301
Phone: (305) 224-6811 | Email: jml@joselorenzolaw.com
We provide legal services throughout Florida including those in the following localities: Miami-Dade County including Aventura, Miami, Coral Gables, Doral, Fontainebleau, Hialeah, Homestead, Kendall, Key Biscayne, Miami Beach, Miami Lakes, North Miami, Tamiami, Westchester, and North Miami Beach; Broward County including Fort Lauderdale, Hollywood, Cooper City, Coral Springs, Hallandale Beach, Oakland Park, Pembroke Pines, Plantation, and Weston; and Palm Beach County including West Palm Beach.
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